BP: U.S. oil demand growth beats China, coal's global demand share rises

The U.S. recorded its largest-ever annual rise in oil production for a second year in a row with a 13.5% increase to 10M-plus bbl/day, and U.S. oil consumption outstripped China for the first time since 1999 as it reaped the benefits of the shale boom, according to BP's annual world energy review.

Oil prices are at their most stable since the early 1970s, the review says, as the huge U.S. output increase offsets disruptions to supply from places such as Libya.

Coal was the world's fastest growing fossil fuel, with 3% growth last year driven by developing nations; coal’s share of global energy use reached 30.1%, just below the 32.9% for crude oil, which lost market share for a 14th consecutive year.

Natural gas consumption rose 1.4%, below the 2.6% historical average, to account for 23.7% of world primary energy use; gas demand growth was below average everywhere but North America.


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Comments (10)
  • DevilDog85
    , contributor
    Comments (266) | Send Message
    What happened to wind and solar? LOL!!!!!!
    16 Jun 2014, 10:53 AM Reply Like
  • JD in NJ
    , contributor
    Comments (1634) | Send Message
    I too believe it's hilarious that we're pumping more crap into the air. Haha! Take that, breathers!
    16 Jun 2014, 10:56 AM Reply Like
  • Cliff Hilton
    , contributor
    Comments (2846) | Send Message
    @JD in NJ,


    "I too believe it's hilarious that we're pumping more crap into the air."


    More people die each year from indoor pollution than anything else. The poor cut down trees and burn them indoors to stay warm. If they could burn coal to make electricity, there would be millions of lives saved.


    Coal will always be cheaper and needed. The air is not more polluted but less.


    Trade places with the person you want us to be and see what life would be like. Report back and give us your take on a world without coal.
    16 Jun 2014, 03:06 PM Reply Like
  • michaelga
    , contributor
    Comments (36) | Send Message
    read the papers. oh, LOL ha ha
    17 Jun 2014, 12:26 AM Reply Like
  • michaelga
    , contributor
    Comments (36) | Send Message
    Your assessment: use coal, or revert to Neanderthal lifestyle.
    Conclusion... so, coal must be good.
    Nice logic.
    17 Jun 2014, 12:29 AM Reply Like
  • deercreekvols
    , contributor
    Comments (9736) | Send Message
    Developing nations need cheap sources of power and coal fits the bill. I am still amazed that many in US don't understand that the world doesn't play by US rules.


    Reduction in coal use in US doesn't influence developing nations. US should understand after its Industrial Revolution was powered by coal.
    16 Jun 2014, 11:45 AM Reply Like
  • michaelga
    , contributor
    Comments (36) | Send Message
    are you from Brazil?
    17 Jun 2014, 12:31 AM Reply Like
  • deercreekvols
    , contributor
    Comments (9736) | Send Message
    So...what was good for the US during the Industrial Revolution and beyond is not good for other countries going through industrialization?...


    That seems fair...
    17 Jun 2014, 10:58 AM Reply Like
  • Jdeboer87
    , contributor
    Comments (334) | Send Message
    I am trying to understand what this means to investors. I am assuming this is telling us that oil demand keeps climbing even in the US, the recovery is being fuel more by oil then by conversions to natural gas. Which should result in oil prices, at the minimum, holding their current price levels. Which means most oil companies will see better then anticipated revenue/earnings on production (assuming they hold or grow production levels).
    In terms of natural gas, it seems to me the rest of world has not increased demand significantly likely due to its high price vs coal. Meaning that cheap North American natural gas will have ample market opportunity to export. This should cause an increase in natural gas prices in the US as we see higher demand for US natural gas. But, this might not happen until we get closer to the export facilities being ready. So, prices seem to be pointed up for both oil and North American natural gas.
    16 Jun 2014, 03:03 PM Reply Like
  • Chazuu
    , contributor
    Comments (299) | Send Message
    Man is Earth's most dangerous animal.
    We hunt all large land animals to extinction, fish the Atlantic Cod to extinction - and we seem bent on destroying our air and water.
    Where is the understanding of the urgent need to replace polluting fuels with the plentiful renewable ones?
    If only someone would devise a way to own the sun's energy and charge for its use we would see an amazing boom in solar technology.
    17 Jun 2014, 08:31 AM Reply Like
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